The Bank of England increased UK’s most significant interest rate (Bank Rate) from 0.75% to 1% in May 2022; they believe that doing this will help decrease the speed at which inflation is soaring. But this it is not a quick fix, as it will take time to see results. The current official bank rate continues to be 1% as of June 2022. They are also anticipating that the inflation rate will increase to 8% during the spring. However, rising interest rates now will ensure that inflation rate decreases back down in the next few years towards their 2% target given by the Government.